Bearer from bond is a kind of bond with no creditor's name or company name on its face, which usually appears in the form of physical bond, also known as physical bond or national debt. Physical bond is a bond with standard format and physical surface. Among the current types of national debt in China, bonds are bearer bonds, which record the creditor's rights, face value and so on in the form of physical vouchers, and can be listed and circulated if they are bearer and report the loss. Since the founding of the People's Republic of China in 1950s and since 198 1, the national debt issued by China is mainly bearer from bond. The general characteristics of bearer from bond are: anonymity, no loss reporting and listing. Because it is anonymous, it does not report the loss, and its security is not as good as that of voucher and book-entry treasury bills, but the purchase procedure is simple. At the same time, because it can be listed and transferred, it has strong liquidity. The listing transfer price depends on the supply and demand situation in the secondary market. When the market factors change, its price will fluctuate greatly, so it has the opportunity to obtain greater profits, but it is also accompanied by certain risks. Generally speaking, bearer from bond is more suitable for financial institutions and buyers with strong investment awareness. Bank wealth management products have the characteristics of less risk, slightly higher income than general floating non-guaranteed wealth management products and stronger anti-risk ability. Bank wealth management products are also called bank trust products. Different from general trust products, the investment amount of bank wealth management products is small, generally starting from 50,000 yuan. The income is around 3%-5%. The investment model and management model are the same as those of trust products, but the target groups are different. Bond funds mainly invest in all kinds of bonds, with higher risks than money market funds and lower risks than equity funds. Bond funds obtain stable interest income by investing in bonds such as treasury bonds and corporate bonds, which has the characteristics of low risk and stable income and is suitable for the needs of stable investors with low risk tolerance. Compared with the bank's wealth management products, the income is higher, but the initial capital is higher, generally more than 50 thousand yuan. National debt is slightly higher than bank time deposits in the same period. Bond funds are risky investments that may lose money or earn much more than buying government bonds.